After China’s Crypto Crackdown ETH Hash Rate Falls Sharply

After China’s Crypto Crackdown ETH Hash Rate Falls Sharply
  • After China’s Crypto Crackdown ETH Hash Rate falls sharply.
  • The Ethereum hash rate reflects the overall performance of all miners.
  • The network’s hash rate was on an upward trend from January 2020.

China’s decision to crackdown on mining operations has seriously affected many Bitcoin miners. Ethereum also observing the heart. The entire hash rate of the Ethereum(ETH) network has faced a strong rejection over the previous month. And records a particularly sharp drop in the past couple of weeks.

Moreover, the data on Etherscan.io noted that the network’s hash rate was on an upward trend from January 2020. Then it gradually reached a high value, nearly 643 terahashes per second (TH/s) on May 20.

Additionally, Terahash is the unit used to measure the speed of the mining hardware mining cryptocurrencies Terahash is specified in hashes per second.  The Ethereum hash rate reflects the overall performance of all miners in the Ethereum (ETH) network. At the time of writing, the Ethereum Network Hash rate is 481.06 Th/s.

Henceforth, the hash rate of the network has begun dropping in late May 20, this coincides with the comment from the Chinese State Council meeting about cracking down on Bitcoin trading and mining activities.

More so, a cloud of uncertainty, started among the Chinese miners and the entire crypto community by the singular comment from the memo.  Even more, the crypto industry has struggled to overcome the drop, which has now developed into a real crackdown.

Although, nearly after the two weeks of China’s announcement in late May, the Ethereum hash rate remains almost constant. On June 9, Ethereum’s hash rate began to fall deeply, following an order from the Xinjiang province asking officials in the Zhundong economic development zone to suddenly shut down all digital currency mining industries. 

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